business ownership and buying a midlife-crisis car efficiently
If you own a corporation that has cash/investments/capital, is there an efficient way to buy a "toy" car using the capital in the corporation. I'm thinking something along the following lines:
- Utilizing a letter of credit to cross-guarantee a personal loan at a low rate (similar to a HELOC, without the home exposure)
- corporation buys the car, leases to me privately
I feel like there is a structure where the capital/value in the company can be utilized other than simply taking out the cash and taking a tax hit.
- Utilizing a letter of credit to cross-guarantee a personal loan at a low rate (similar to a HELOC, without the home exposure)
- corporation buys the car, leases to me privately
I feel like there is a structure where the capital/value in the company can be utilized other than simply taking out the cash and taking a tax hit.